Berat Albayrak was born on February 21, 1978, in Istanbul. His father's name is Sadık, and his mother's name is Kıymet. His family is originally from Dernekpazarı, Trabzon. He completed his primary education at Fındıkzade Elementary School and his secondary education at Fatih Boys' High School. In 2004, Albayrak married Esra Albayrak, the eldest daughter of Turkey's President Recep Tayyip Erdoğan. The couple has four children: three sons, Ahmet Akif (b. 2006), Sadık Eymen (b. 2015), and Hamza Salih (b. 2020), and one daughter, Emine Mahinur (b. 2009).[2]
After graduating from Istanbul University’s Department of Business Administration (English) in 1999, he earned a master's degree in finance from the Lubin School of Business at Pace University, New York, in 2004. In 2011, he obtained a PhD from Kadir Has University's Department of Banking and Finance with his dissertation titled “Renewable Energy Resources and Their Financing in Electricity Generation.”[3][4]
Career
Berat Albayrak began his professional career in 1996. In 1999, he joined Çalık Holding, where he took on various roles. Between 2002 and 2006, he served as the finance director at the company's United States office. Upon returning to Turkey in 2006, Albayrak was first appointed as the deputy general manager of financial affairs and later, in 2007, became the general manager.[5]
In 2007, he oversaw Turkey's first Eurobond issuance by a holding company, managing a process that attracted approximately $1 billion in demand for a $200 million bond issuance. In 2008, Albayrak facilitated the sale of a foreign company in Turkey at 34 times the EBITDA value, marking one of the country's highest-value foreign company sales. During 2007-2008, he contributed to securing nearly $1 billion in direct foreign investment for Turkey.
At the end of 2013, Albayrak left the private sector and began writing for Sabah newspaper. During this period, he also taught courses in Banking and Finance at Marmara University and took on roles in various non-governmental organizations.[6]
Political Career
Berat Albayrak entered the Turkish Grand National Assembly as a member of parliament for the Justice and Development Party (AKP) in the June 7, 2015 elections. On September 12, 2015, during the 5th Ordinary Congress of the AKP, he was appointed to the party's Central Executive and Decision Board (MKYK). Following the general elections of November 1, 2015, he became the Minister of Energy and Natural Resources in the 64th government, a position he also held in the 65th government. On May 21, 2017, at the 3rd Extraordinary Congress of the AKP, he was once again appointed to the MKYK.[7]
After the 2017 constitutional referendum, which introduced the presidential system of government, Albayrak was appointed as the Minister of Treasury and Finance in the first cabinet of the new system following the 2018 general elections. On September 12, 2018, he was also appointed as the deputy chairman of the Turkey Wealth Fund,[8] and on October 2, 2018, he became a member of the Defense Industry Executive Committee by presidential decree.[9][10][11]
Additionally, on July 15, 2018, Albayrak was selected as a member of the Supreme Military Council (YAŞ) by presidential decree. On November 8, 2020, he resigned from his position as Minister of Treasury and Finance due to health reasons.
Ministry of Energy Career
During Berat Albayrak's tenure, significant energy exploration and infrastructure projects were launched. For the first time in Turkey, airborne gravity-magnetic data collection was implemented over a wide region, including Şemdinli, Cizre, Van, and Siirt. Additionally, the country's first deep drilling project was carried out in Çukurca, Hakkâri, reaching a depth of 4,500 meters. As a result of these initiatives, Turkey Petroleum Corporation (TPAO) is now producing 60,000 barrels of oil per day in the Şırnak/Gabar region, with plans to increase production to 100,000 barrels per day in the near future.[12]
Albayrak also facilitated the inclusion of the Fatih, Yavuz, and Kanuni drilling ships in Turkey's fleet. Turkey's first drilling ship, Fatih, made a historic discovery of 710 billion cubic meters of natural gas in the Black Sea. This reserve, valued at approximately 1 trillion US dollars, is equivalent to Turkey's total export revenue for four years.[13]
Under Albayrak's leadership, the foundation of the Akkuyu Nuclear Power Plant was laid in 2018. With an installed capacity of 4,800 MW and the ability to produce 35 billion kWh annually, Akkuyu is set to meet 10% of Turkey's electricity needs and is considered the largest project in the history of the Turkish Republic, with a total investment value of 20 billion US dollars.[14]
The Trans-Anatolian Natural Gas Pipeline (TANAP), a 3,500-kilometer-long corridor, was also completed during this period. TANAP delivers 16 billion cubic meters of gas annually, with 6 billion cubic meters allocated for Turkey (covering 12% of the country's demand) and 10 billion cubic meters for Europe.[15]
Another key project completed under Albayrak's direction was the Turkish Stream pipeline, an alternative to the Western Stream, through which Turkey sourced natural gas from Russia via the transit routes of four other countries. With this project, Turkey took on a distribution role for natural gas.[16]
In 2018, Albayrak also laid the foundation for the Bandırma Boron Carbide Production Facility, as part of Turkey's New Boron Strategy, aimed at processing boron for use in defense industries. This facility became operational on March 19, 2023.[17]
As part of the National Energy and Mining Strategy, Albayrak oversaw the planning and implementation of 10,000 MW of wind energy and 10,000 MW of solar energy projects. A significant portion of these projects has already been realized. Under the “Smart Coal Use” strategy, new exploration and drilling activities were initiated, adding 5 billion tons of coal, valued at over 200 billion US dollars, to Turkey's national energy inventory during his tenure.
Ministry of Treasury and Finance Career
Berat Albayrak implemented a series of monetary and fiscal reforms to combat inflation, reducing it from around 25% to single digits within a year. Despite the challenges posed by the COVID-19 pandemic, inflation remained at approximately 11%. When he took office, the current account deficit stood at 57 billion dollars, but within a year, he managed to close the gap. By the end of 2019, the Turkish economy recorded a current account surplus of 5.3 billion dollars.[18]
In 2020, through public banks, Turkey offered the longest-term and lowest-rate housing loans in its history (0.49%), allowing hundreds of thousands of lower and middle-income individuals to become homeowners.[19]
One of the most strategic moves during Albayrak's tenure was repatriating Turkey's gold reserves from abroad. Approximately 350 tons of gold, previously held in the United States, Switzerland, and the United Kingdom, were returned to Turkey. The Central Bank’s gold reserves increased from 488.9 tons at the end of 2018 to 556 tons by the end of 2019, and reached 719.2 tons by the end of 2020.[20][21]
When Albayrak assumed office in June 2018, the Central Bank's reserves stood at 98.4 billion dollars. By the time he stepped down in November 2020, the reserves were 85.2 billion dollars, reflecting the impact of the pandemic. Nonetheless, in 2020, Turkey achieved 1.8% economic growth, making it one of the only two G20 countries, alongside China, to record growth during the pandemic year when most global economies contracted.[22] The Central Bank's policy interest rate dropped to as low as 8.25% during this period,[23] and the bank posted profits exceeding 165 billion Turkish lira (approximately 30 billion US dollars).
Albayrak's Treasury and Finance Ministry was recognized internationally, with Global Capital naming the ministry's debt management unit as the "Public Debt Management Office of the Year" globally.[24]
During his tenure, Albayrak also met with U.S. President Donald Trump at the Oval Office, where they discussed a range of issues, including the S-400 missile system, regional affairs, and bilateral trade relations.[25]
Events and criticism
Economy
Since his appointment as Minister of Treasury and Finance in 2018, Berat Albayrak has faced various criticisms. Observers noted that his appointment raised concerns within financial circles, with fears about the concentration of too much power in the hands of a single politician.[26][27]
Albayrak's presentations to international investors and sector representatives as the Minister of Treasury were also criticized in the media for being unconvincing. These critiques highlighted a perceived lack of confidence in his ability to effectively communicate Turkey's economic policies and attract foreign investment.[28]
Istanbul Canal
Reports published by Cumhuriyet newspaper indicated that Berat Albayrak purchased approximately 13 acres of land along the route of the Kanal İstanbul project, a transaction that occurred one year after the project's announcement in 2011. The article, titled "The Son-in-Law Knows the Business," noted that the land, currently classified as agricultural, falls within the "residential area" boundaries established by the Ministry of Environment and Urbanization's master plan for Kanal İstanbul.[29]
In response to the allegations made by the news reports and online platforms, Berat Albayrak initiated legal proceedings. The Istanbul Anatolian 7th Criminal Court ruled in favor of Albayrak, deciding to impose a ban on access to the relevant articles and websites. This ruling also extended to Leman magazine, which featured a caricature of Albayrak on its cover. Additionally, an investigation was launched against Cumhuriyet reporter Hazal Ocak on charges of "insulting a public official."[30][31][32]
Football
During a visit to Trabzon, Berat Albayrak received a Trabzonspor jersey for the new season and remarked, "This jersey is from the 2010–2011 season. That is, it's from the championship season!" This statement was interpreted by Fenerbahçe supporters as a reference to the 2011 Turkish football match-fixing scandal and implied that Trabzonspor was the rightful champion of that season. This comment sparked backlash from the Fenerbahçe community.[33]
Fenerbahçe fans also recalled a statement made by Albayrak in 2016, in which he claimed, "We have five ministers from Trabzonspor. Those who know, know. Our efforts behind the scenes for Trabzon and Trabzonspor are well known." This remark was viewed in the context of the hidden connections between politics and the world of football.
Furthermore, supporters criticized the media bias of A Haber and A Spor channels, owned by the Turkuvaz Media Group, which is headed by Albayrak's brother, Serhat Albayrak. Fans began chanting "A Spor out!" during matches to express their discontent with the perceived one-sided coverage.
A video resurfaced in which Sadık Albayrak, Berat Albayrak's father, questioned the Trabzonspor administration during a 2017 Divan Council meeting, asking, "I'm asking the management now, who built this stadium for you? Who got this advertisement for you? When no one was willing to lend you money, you obtained new loans from national banks; what did you spend it on?" This statement fueled further discussions regarding the relationship between the Albayrak family and Trabzonspor.[34]
Berat Albayrak authored a book titled Burası Çok Önemli, in which he outlines the economic approaches and policies implemented during his tenures as Minister of Energy and Natural Resources and Minister of Treasury and Finance. The book is supported by examples and graphs that illustrate the efficiency aspects of the strategies he proposed.
Awards
In October 2019, the U.K.-based business magazine GlobalCapital awarded Turkey's Finance and Treasury Ministry the Public Debt Management Office of the Year, for its "successful performance in debt management albeit difficult periods".[36]
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